The current conditions are improving and moving toward stability, and inventory is one of the key metrics to keep an eye on. Decreasing inventory will directly impact housing prices in Las Vegas. It’s still a matter of time to determine, though, if that will help the market stabilize, if not decline altogether.
While it’s true that sales are declining in most of the Las Vegas real estate market, there are also certain areas and communities that saw an increase in sales. Among these notable communities that have seen a sales increase in the previous month are Southern Highlands, Skye Canyon, and The Lakes.
As we near the end of the year, you can expect sales activity to slow down a bit as people will hold off on listing their homes during the holiday season. You can expect new listings and better inventory rates in January or February of next year. In addition, home buyers will be on a wait-and-see situation to see if inventory spikes or there are major changes to the interest rate. The first quarter of 2023 will be interesting and Las Vegas real estate market conditions could look completely different.
With that said, let’s take a dive into the statistics of the past month to forecast what lies ahead for the Las Vegas real estate market.
The single family home values continued its decline for the fifth consecutive month. The median price of single family home units sold is $440,000, which is down 2.2% from the previous month. However, the median price is still higher by 7.3% from the previous year.
The inventory for single family home units provides up to 4.6 months’ worth of supply in the housing market. This statistic is up 14.6% from the previous month and up to 329% more than the previous year.
The average sales price for the single family home units in Las Vegas is $547,123, which increased by 3.3%. There were 2,883 units that were newly added into the Las Vegas housing market within the past month. With the Nevada Census data forecasting a 1.51% increase in Las Vegas population by 2025, expect the continued surge in demand for the housing market in the Las Vegas area. As the inventory is decreasing, it prevents single family home values from crashing.
There were 468 condos and townhome units sold in Las Vegas in the previous month. This number is down 10.7% from the month before that. It also continues its year-on-year decline with a drop of 41.9% from the previous year.
Still, there were up to 684 new listings added to the current inventory of condos and townhomes in the Las Vegas real estate market. This brings the inventory up to 1,775 or equivalent to 3.8 months of availability. The inventory for condos and townhomes is lower than single family homes, but that’s given because many home buyers that were pushed out of the single family homes looked into more affordable alternatives, which is where condos and townhomes would enter the picture.
The median price for condos and townhomes sold is at $266,000, which is down 1.5% from the previous month. Currently, the pending sales are down 11% from the previous month so you can expect that there will be fewer sales in the coming month.
Whether you’re an investor or a first-time home buyer in the Las Vegas real estate market, it pays to know where the market stands so you can make the best investment and buying decisions. If you need any expert insight, we’d be more than happy to help you out and make your home buying process as seamless as possible.
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